Park Avenue consistently out-performing growth forecast for 2 years now

Park Avenue has capitalized on the surge in market growth in the innerwear category and has gone beyond its basic product portfolio. The new, trendy range of offerings from the brand – which is powered by Raymond – are tailor-made for comfort. The brand boasts that their products are a better fit, have great style and an unparalleled quality to them, as compared to any other brand in the market.

There has been a slow, yet encouraging growth in the online space for Park Avenue, despite innerwear being a product that patrons want to touch and feel before buying.

The material used to make Park Avenue innerwear is the perfect blend of superior combed cotton / elastane, which is breathable and extremely comfortable.

“The brand’s products have a premium connect. At Park Avenue, we ensure the use of top premium quality raw materials. Our products undergo a unique ‘bio wash’ procedure that removes the hairiness from the fabric and gives it an excellent smooth hand feel. The end products are snug and fit the body well, like a glove, along with providing extraordinary comfort,” says Business Head – Fashion Accessories, Raymond, Srikanth Ram.

Focus Consumers & Product Portfolio

“Currently the brand is catering primarily to urban, and semi-urban men, in the 22-to-35-year age group, with incomes over Rs 50,000 per year. The most important fact about this audience is that it is evolving,” says Ram.

To this evolving audience, the brand offers a range of products that not only appeals to their aesthetic sense but also provides optimum level of comfort. The Product Range includes vests (fashion & staple), briefs (fashion & staple), trunks (fashion & staple), seamless innerwear, sloungewear, (sleep & lounge) sportswear, thermals, handkerchiefs, and socks. The range starts from as low as Rs 195 for a pair of briefs to as high as Rs 1399.

Currently innerwear constitutes over 30 per cent of Park Avenue’s product portfolio.

Product Innovations

Park Avenue’s seamless innerwear, made of light-weight, multi-fiber blends (including cotton/polyamide/spandex, Polyamide/Polyester/spandex) with an articulated rib panel, made of 4-way stretch fabrication for greater mobility in any direction, is undoubtedly its best innovation so far. It also has a ‘moisture transport system’ inbuilt in its fabric, which absorbs and dries sweat faster than regular fabric.

Another great innovation is Sloungewear. As the importance of sleep and restorative fitness in performance is better understood, a new genre of active wear emerges. Sloungewear: a fusion of active, sleep and lounge, is designed for periods of stasis or activity, indoors or out.

“Sloungewear has a luxe feel, combining comforting basics with a futuristic aesthetic. Designed for fitness, sleep or long-haul travel, these transitional pieces focus on comfort and functionality, utilizing well-being fabrics with protective and restorative properties,” says Ram.

Then there is the brand’s latest theme, Sportif. Sportif is all about clean, minimalist silhouettes. The look is retro, but placing stripes within the waistband elastics gives them a contemporary fashion look and is perfect for commercial updates.

Nautical prints and stripes are updated on stretch cotton boxer briefs using pared-down elements, large scales and abstract motifs in two-tone colour combinations.

Primary Markets

Park Avenue’s primary markets range from the premium segment to the middle income group mass segment in India, so the brand has wide penetration. They have 80 EBOs and 28 large format stores in India.

“The brand is present across all The Raymond Shops over 350 towns in the country, and top multi-brand outlets and large format stores including Shoppers Stop and Central, pan India,” says Ram.

Park Avenue now plans to increase its distribution strength as well as its spends on ATL.

Online Retail

Innerwear is a product wherein the customer traditionally likes to touch and feel the product before buying it. However, there has been a slow, yet encouraging growth in the online space for Park Avenue.

“Park Avenue has been growing at a high double-digit growth, consistently out-performing the growth forecast for the last two years and the brand hopes to continue its winning streak in the times to come,” he concludes.